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Errors and Omissions (E&O) Insurance for Real Estate Appraisers
Buyers and sellers rely on real estate appraisers to give accurate values of homes and buildings. An error in the appraisal can have a big effect on clients and their buying or selling process. If it impacts them financially, they can sue your appraisal business. That’s where appraiser errors and omissions (E&O) insurance can help.This type of business insurance can help protect your appraiser professionals from lawsuits that claim:
- Negligence
- Inaccurate advice
- Misrepresentation
- Failure to protect personal, confidential information
You may have heard different names for errors and omissions insurance. It’s also known as professional liability insurance, E&O insurance or E and O insurance for real estate appraisers. Despite the many names, each term refers to the same coverage.
Real Estate Appraiser E&O Coverage
Real estate appraiser E&O coverage helps protect your business from claims that a mistake was made in the professional services given. This type of insurance can help if an:
- Appraiser makes a mistake in the valuation process of a home.
- Appraisal professional incorrectly submits an assessment for a client.
- Employee gives clients the wrong value for a home and it delays the buying process.
Additional Appraisers Liability Insurance
You’ll likely need more coverage than just professional liability for appraisers. That’s because E&O insurance for real estate appraisers doesn’t cover every claim. Additional liability insurance coverage you may need includes:
General liability insurance to help cover claims that your business caused bodily injury or property damage to another person’s belongings.
Commercial property insurance to help protect your owned or rented building and equipment used to operate your business. This can include:
- Computers
- Tape measures
- Muebles
- Adjustment tools
- Cameras
Workers’ compensation insurance to help employees recover from a work-related injury or illness.
Data breach insurance, which can help you respond to a breach if personally identifiable information gets lost. Some insurers call this coverage cyber insurance.
How Much Does Appraiser E&O Insurance Cost?
Appraiser E&O insurance costs vary. So, other appraisal firms will most likely pay different rates than yours. That’s because each business is different. Insurance companies use different factors to determine errors and omissions insurance costs, which can include:- Years of experience
- Claims history
- Policy details, like deductibles
- Additional coverage, such as an additional year of prior acts coverage
The best way to find out how much this insurance will cost you is to get a cita. Our specialists can work with you to understand your business and get you the protection you need. We make it easy for you to customize your insurance coverage, allowing you to create a unique policy that fits your business best.
Get an Appraisers Errors and Omissions Quote Today
We’re an insurance company with more than 200 years of experience. We understand real estate insurance professionals face unique risks – and we’re here to keep you covered from them. Get an appraisers errors and omissions quote hoy mismo.